Inflation in Tokyo slowed more than expected in September, offering support for the Bank of Japan’s view that prices are set to cool further, and thus ultra-easy policy needs to stay in place.
Consumer prices excluding fresh food rose 2.5% in the capital, decelerating from 2.8% in August largely on the back of falling electricity and gas costs, according to the ministry of internal affairs Friday. Economists had forecast a reading of 2.6%.
Tokyo data is a leading indicator of the national trend, suggesting the country’s inflationary momentum is also likely to continue softening. The data firm Teikoku Databank says that consumers are increasingly weary of rising food costs, but price hikes may be significantly reduced from October. A separate concern is the country’s lackluster production against the backdrop of the global economic slowdown. A different report Friday said that factory output was unchanged in August from July.
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